TD trade of the week: Sell CAD/JPY
TD's weekly top FX pick
TD recommends selling CAD/JPY with a target of 78.90 and a stop at 81.65 this week. The pair is trading at 80.38.
"The US election will sit top of mind, especially as the SCOTUS confirmation jostles with another potential round of stimulus. The latter is likely to lose, though the new home is that a possible blue wave could usher in another does of stimulus and less geopolitical uncertainty," analysts at TD write.
"We look to hedge some of this week's possible roadblocks on the path to reflation by selling CAD/JPY as our trade of the week."